Datvest records ZWL$255,2 million profit

CBZ Asset Management, trading as Datvest, recorded an inflation-adjusted profit after tax of ZWL$255,2 million for the year ended December 31, 2023, against the prior year's adjusted loss of ZWL$1,6 billion due to fair value gains on equity investments.

In a statement accompanying the fund’s financial results for the year ended December 31, 2023, Datvest chairperson Never Mhlanga said the fund recorded profit after tax of ZWL$1,1 billion in historical terms.

He said the promulgation of Statutory Instrument 218 of 2023 extended the multicurrency regime to 2030 and fostered market confidence in pursuing US$ medium-term transactions and investments, albeit limited due to general macroeconomic policy instability.

“In this regard, the fund expects this to translate to increased investor confidence and improved stock market performance. The shares on the Victoria Falls Exchange are expected to preserve value for unitholders,” Mhlanga said.

He also noted that the fund has accelerated its drive to create long-term value through embedding environmental, social, and governance (ESG) factors into its strategy and operations.

“As a result, in addition to the ongoing certification with the European Organisation for Sustainable Development, CBZ Asset Management (Private) Limited, through the parent entity CBZ Holdings Limited, also obtained a nomination for accreditation with the green climate fund,” the report read.

The entity also engaged the International Finance Corporation for advisory services on ESG, climate governance, and climate risk which facilitated sustainability training for board members and senior management.

This is aimed at establishing a firm foundation for implementation of ESG aspects.

“Looking ahead, the CBZ Asset Management (Private) Limited’s Board is committed to continue enhancing governance structures and observing sustainability principles through the incorporation of ‘Green’ frameworks in investment policies.”

Datvest Modified Consumer Staples Exchange Traded Fund provides a unique solution to various clients in helping them invest in various counters on the Zimbabwe Stock Exchange and Victoria Falls Stock Exchange through the Datvest ETF basket, he said.

The Datvest ETF tracks counters comprising consumer staples such as Delta, Innscor, National Foods, Meikles, Simbisa Brands, OK Zimbabwe, TSL, Dairibord, Hippo and African Distillers.